When filing a Chapter 7 bankruptcy case in Western North Carolina, clients have a right to “reaffirm” their car loan debt. By doing so, they can keep their car while maintaining the same payments as if they had never filed a case. I frequently advise clients to consider not signing a reaffirmation agreement. Particularly when…
Under bankruptcy statute 11 USC 1326(a), the first Chapter 13 plan payment is due within 30 days of filing a case. By timing when you file a case properly, we can sometimes avoid making a month of mortgage payments or car payments in order to improve your household’s cash flow. In short, by skipping a…
Most of the time, exemptions allow you to protect all of your assets. Bankruptcy exemptions enable a client to protect property they own while exercising their right to debt relief in a Chapter 7 or Chapter 13 case. In Chapter 7, over 95 percent of filers use exemptions to keep/protect everything they own. In Chapter…